The Asia Pacific Gelcoat market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Some of the key factors influencing the market growth include increase in demand for gelcoat in the transportation industry, high growth in emerging economies, rise in applications in end user industries and growing demand for low-styrene emission gelcoat. In addition, APAC is a key gelcoat market. The booming transportation and construction industries are responsible for the growth of the gelcoat market in the region.

Rise in Applications in End User Industries

The Asia Pacific gelcoat market is growing owing to rise in applications in end user industries such as marine, constructions, wind and transportation. Growing use of polyester resin in marine, wind and transportation industry due to its excellent UV degradation compared to vinyl ester and epoxy resin has boosted the polyester resin gelcoat demand over the forecasted period. Gelcoats are widely used in producing marine products such as decks, ship hulls, motor yachts and power boats which need protective coatings to witnessed impact of water tides. Rise in demand for trading and increase in spending of high class people in boats for leisure has pushed the growth of marine industry along with rise in demand for gelcoat. Vinyl ester resin holds as comparative growth rate owing to use in marine industry.

Gelcoat are used on engine parts and other automobile parts to increase fuel efficiency and reduce weight. The prominent companies are focusing more on lightweight vehicles particularly in transportation industry which includes railways, ships and buses to increase the use of gelcoat in transportation industry.

Labor Intensive

One of the challenge of gel coat is that there are usually only a limited number of colors that can be used. On top of this, it is comparatively more difficult to work with gel coat in making custom graphics or images on the boat surface. The biggest disadvantage of gel coat is that it is very labor-intensive.

China accounted for larger revenue share in Asia Pacific Gelcoat market with considerable CAGR. China is one of the prominent consumers of gelcoat in the region. The country has become the single-largest consumer of gelcoat in the wind energy industry and is expected to strengthen its position further. The Chinese shipbuilding industry has integrated military and commercial efforts. With a strong commitment to the industry from China, the Chinese shipyards have already achieved a standard that caters to international customers, and the quality and quantity are expected to increase, during the forecast period. There are several projects and developments in the Chinese shipbuilding industry, which are evident examples of the growth of the market.

Competition Assessment

Key player’s profiles in the Asia Pacific Gelcoat market include:

Turkuaz Polyester (Turkey)

Scott Bader Company (UK)

Polynt-Reichhold Group (US)

Poliya Composites Resins and Polymers (Turkey)

Interplastic Corporation (US)

Ineos Enterprise (UK)

HK Research Corporation (US)

Bufa Composite Systems GmbH (Germany)

Alpha Owens Corning (AOC) Aliancys (US)

Allnex (Germany)

Asia Pacific Gelcoat market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in 2017, Bang and Bonsomer launched a new gelcoat manufacturing unit at Kokkola site in Finland. This unit manufactures the highly valued Polycor gelcoats. This investment is expected to help the company establish its footprints in Finland and diversify its business.

Key Findings of the Report:

Asia Pacific Gelcoat market expanding at significant CAGR over 2019 to 2025 due to booming transportation and construction industries.

Based on Resin Type, Epoxy segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period

Players focusing on innovation of newer products and collaboration strategies to retain market position in Asia Pacific Gelcoat market

The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market

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